Director's Desk

Welcome to our March 2017 edition on headline news in the sub-continent over the past month.

Big focus for India currently is on the State elections in some of the key states that will determine Modi government’s control on the upper house, and provide more realistic referendum on demonetisation. Recent City Council results have given a big thumbs up to the ruling BJP government, and the State results should further inform about how demonetisation impacted the lives of people in India.

India continues to beat records and the growth projections. As you would read below, the aviation market is growing regularly and shall now become the 3rd largest domestic aviation market globally after beating Japan. Delhi airport has already embarked on the expansion plan by planning to build a new terminal T4 to cater to domestic passenger growth. A key US intelligence agency has reaffirmed that India would be the world’s largest economy for at least the next 5 years. We believe how India handles her relations with the border countries would be a key to the continued steady growth.

The severe winter days in the north are over and the problem of smog / pollution has eased a bit. There are growing concerns of pollution problem in India, even at the federal level. We are hoping some actions would be taken by the Indian government in the coming years to help the cause. Australian team is visiting India for a test cricket season – the series that has been eagerly awaited.

India to beat Japan to become third largest domestic aviation market globally

The Indian aviation market is likely to overtake Japan this year to become the world's third largest domestic market after US and China "The Indian domestic market is on track to surpass 100 million passengers in 2017," said Kapil Kaul, CEO, Centre for Asia Pacific Aviation (CAPA) in his address at the CAPA aviation meet on Wednesday In fact, domestic air traffic could grow by close to 25 percent in 2018 and approach 130 million passengers "In reaching this milestone, India will have achieved average domestic traffic growth of over 15 percent per annum since the liberalisation of the sector commenced in 2004," he said....

Tata Motors and Microsoft India on Thursday announced that they were collaborating to provide their clients with a personalised driving experience with the country’s “first connected car”. In a joint statement, the firms said they will unveil a vehicle with an “enhanced driving experience” at the Geneva International Motor show on March 7. “Using the internet of things, artificial intelligence and machine learning technologies, we will provide vehicle owners in India and across the world a safe, productive and fun driving experience,” said Microsoft India President Anant Maheshwari. Tata Motors CEO Guenter Butschek told reporters that the collaboration would help increase revenues as the potential customers....

India to become world's fastest growing economy in next 5 years: Report

India will be the world's fastest growing economy during the next five years, a top US intelligence think-tank has said while underlining that Pakistan, unable to match India's economic prowess, will seek "other methods" to maintain even a semblance of balance. "Pakistan, unable to match India's economic prowess, will seek other methods to maintain even a semblance of balance," said the report 'Global Trends' of the National Intelligence Council (NIC), which is the centre for mid-term and long-term strategic thinking within the US Intelligence Community. "India will be the world's fastest growing economy during the next five years as China's economy cools and growth elsewhere sputters....

The budget has tasked the National Bank for Agriculture and Rural Development (Nabard), India’s apex bank for rural finance, with supporting irrigation and dairy schemes totalling Rs35,000 crore. According to Harsh Kumar Bhanwala, chairman of Nabard, these measures will revive public investments in agriculture, and rejuvenate the dairy sector where processing infrastructure is outdated. Edited excerpts from an interview How do you perceive this year’s budget....

Digital economy will boost India's GDP: Meghwal

Union Minister of State for Finance Arjun Ram Meghwal on Thursday said the transition towards digital and cashless economy will boost India's GDP numbers and also help prevent tax evasion and move towards compliance. "Digital and cashless transactions will boost Gross Domestic Product growth in a meaningful transition for the Indian economy," Meghwal said here while addressing a conference on ‘Digital and Cashless Economy: A New Paradigm for NextGen Businesses' organised by the Confederation of Indian Industry....

Cabinet approves enhancement of capacity from 20,000 MW to 40,000 MW of the Scheme for Development of Solar Parks and Ultra Mega Solar Power Projects

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, Shri Narendra Modi, today approved the enhancement of capacity from 20,000 MW to 40,000 MW of the Scheme for Development of Solar Parks and Ultra Mega Solar Power Projects. The enhanced capacity would ensure setting up of at least 50 solar parks each with a capacity of 500 MW and above in various parts of the country. Smaller parks in Himalayan and other hilly States where contiguous land may be difficult to acquire in view of the difficult terrain, will also be considered under the scheme. The capacity of the solar park scheme has been enhanced after considering the demand for additional solar parks from the States....

Railways' target: Laying 9.5 km of tracks every day

Indian Railways has set a daily target of laying 9.5 km of tracks to complete its ambitious line doubling and capacity expansion projects earmarked for the next financial year The railway ministry is importing US-made track-laying machines that can lay around 1.5 km of tracks per day as against the 100 meters of tracks the railways lays manually on an average The railway ministry has set aside a fund of around Rs 35,000 crore to undertake these works which include construction of new lines, gauge conversion and doubling of capacity Of the total budget, around Rs 10,000 crore will be spent on construction of railway lines....

Indian exports rise for fifth monthas commodities rebound

India's goods exports rose in January for the fifth straight month on the back of stronger commodity prices, despite growing protectionist and anti-trade sentiment in the United States and Europe. Merchandise exports grew 4.32 percent year-on-year to $22.12 billion, while imports rose 10.7 percent to $31.96 billion, the Ministry of Commerce and Industry said in a statement. Oil prices - up nearly 18 percent since the end of November - forced up the bill for crude oil....

Govt to double income of farmers by 2021-22

The government might ask the National Sample Survey Office (NSSO) to assess farmers’ income once every five years, instead of the current practice of every 10 years.
This is part of the stated objective of doubling farmers’ income by 2021-22. A senior official said the Centre is aiming at the real income of farmers, adjusted for inflation. The base year would be the 2016-17 financial year, ending next month.The earlier such NSSO study was in 2012-13. This showed the nominal....

Record wheat, foodgrain output likely in 2016-17

Wheat production in the ongoing crop season is expected to be at an all-time high of 96.6 million tonnes (mt) on the back of good southwest monsoon, favourable weather and record acreage, the second advanced estimate for foodgrain production showed The estimate released on Wednesday also showed that overall foodgrain production, including kharif harvest, in 2016-17 was expected to be a record 271.98 mt, showing that demonetisation didn’t have a big impact on rabi crops If the production numbers turn out to be correct, agriculture and allied sector growth in 2016-17 could reach more than 5 per cent. The Central Statistics Office (CSO)’s had pegged growth at 4.1 per cent in the first advanced estimate of 2016-17. Agri growth in previous financial year was at 1.2 per cent....

India-UK agree to increase flights to boost tourism, trade

The UK and India on Thursday agreed to ease restrictions on the number of scheduled flights between the two countries to provide a boost to trade and tourism. Limits on flights from key Indian cities, including Chennai and Kolkata, have been scrapped, allowing for a greater range of flights for passengers “India is one of our closest allies and key trading partners and this new agreement will only serve to strengthen this crucial relationship. We are unlocking new trade and tourism opportunities which will boost our economies....

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